thetranscript

[thetranscript]

Today, inference makes up about 50% of the total demand for AI. By 2029, we expect it to be 70%. The demand for inferencing is expected to accelerate towards the latter half of this period, almost doubling between 2027 and 2029. And so as inferencing scales and grows and integrates into enterprise workflows, a larger share of these workloads will be hosted in private environments, expected to increase to more than 35% by 2029. And this shift will be driven by a wide range of varying needs across inferencing workloads from data residency all the way to low latency requirements.

Aiera | Events | Equinix Inc Investor Day

AI inference expected to be 70% of AI demand by 2029 #Tech

[thetranscript]

We have also seen an increase in bankruptcies and financial distress in the micro end of the market and in our client base in the fourth quarter. Many businesses, I think, on the edge of failure may have decided not to fight that new headwinds they see in front of them. We also saw losses due to increases in business combinations and mergers increase more than typical. Both are signs of businesses making strategic decisions based upon their view of the current and future environment.

Aiera | Events | Q4 2025 Paychex Inc Earnings Call

Spike in microbusiness bankruptcies and M&A reflects rising strategic exits #Fin

[thetranscript]

We are observing a mix of both optimism and uncertainty within the market and our client base. Many businesses are frozen as they wait for more clarity about a number of macro issues such as tariffs, inflation and taxes. The hard data continues to indicate that small businesses remain fundamentally healthy despite the headlines. Our small business employment watch revealed stable employment levels with moderation in hourly wage inflation in the recent months. Our data does not currently show any signs of recession.

Aiera | Events | Q4 2025 Paychex Inc Earnings Call

Small businesses remain healthy, but macro uncertainty is freezing some decision-making #Macro

[thetranscript]

Given the strength of our current backlog, overall activity levels and an abundance of discussions with clients around capital formation, strategic opportunities and their need to transact, we are increasingly optimistic about the second half of 2025.

Jefferies Announces Second Quarter 2025 Financial Results

[thetranscript]

With all this uncertainty, the current posture of monetary policy, which has been characterized as “wait-and-see,” is appropriate. Certainly, with the inflation of the past couple of years still in people’s minds, I will be carefully watching the monthly price data for signs of broad-based price increases that might further challenge an already fragile price-setting psychology. The resilience of the economy gives us the time to observe how prices and the economy develop. Policy will need to remain nimble as the FOMC balances the two sides of its mandate.

Remarks on the Outlook and Monetary Policy

Monetary policy on a wait and see mode #Macro

[thetranscript]

The picture in Europe does appear to be getting better. And let me talk about a couple of different fronts. One is you've got in Poland, the economy obviously continues to chug along very nicely there. But the government's now put in place a new infrastructure spending program. And when you kind of look at that by the projects that they're going to be investing in, we're talking about kind of hundreds of thousands of tons over the next couple of years. So that's going to be a nice shot in the arm. You may have also read articles about there's -- Poland's first nuclear power plant is going to be built. This is maybe a little bit lagged in terms of timing. It's probably going to start construction, my guess would be in '27. But again, that's going to be a big consumer of rebar. And to Paul's point, you've got recovery and resilience funding going on. The other thing that I think is really important to note is it appears that things are moving nicely in Germany. And we talked about -- last time, we talked about the fact that there's the infrastructure build a $500 billion of -- or EUR 500 billion -- excuse me, infrastructure bill and the lifting of the cap on spending on defense. And Chancellor Merz has been very strong in his statements about in the case of defense spending, we need to do whatever it takes. And in the case of the economy getting the economy back on track, our understanding is that he's making a really strong push on infrastructure spending and stimulus to some of the segments of nonresidential spending. So as a consequence, what we were saying, I think, on the last call was we expected we'd see that in the kind of mid- to back part of '26. We've heard discussions recently that suggest that we could start seeing some of that as early as the fourth calendar quarter of '25 and into the early part of '26. So again, we need to see it on the ground, but I just pointed out because there are reasons for optimism in Europe.

Commercial Metals Company (CMC) Q3 2025 Earnings Call Transcript

European demand outlook brightening, driven by infrastructure and defense-led stimulus #Int

[thetranscript]

e believe there are also signals indicating pent- up demand exists in the residential segment where despite uncertainty, higher rates and new household formation below expectations, single-family starts have been sustained at a rate above pre-COVID levels. Unlike the hesitation we are observing within certain areas of the nonresidential and residential market segments, demand from infrastructure activity is strengthening, particularly across our key Sunbelt states.

Commercial Metals Company (CMC) Q3 2025 Earnings Call Transcript

Residential market shows surprising strength #RE

[thetranscript]

On the demand side, we would separate the effect of the tariffs into near-term observed impacts and longer-term expected impacts. In the near term, as I already mentioned, there is increased uncertainty causing delays in some projects not under contract.

Commercial Metals Company (CMC) Q3 2025 Earnings Call Transcript

Tariffs causing project delays #Ind

[thetranscript]

Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity. The effects on inflation could be short lived—reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent. Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and, ultimately, on keeping longer-term inflation expectations well anchored.

Testimony by Chair Powell on the semiannual Monetary Policy Report to the Congress

Fed Chair signals uncertainty over tariff-driven inflation persistence #Macro

[thetranscript]

For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.

Testimony by Chair Powell on the semiannual Monetary Policy Report to the Congress

No hurry here #Macro

[thetranscript]

Three weeks into March, we had achieved solid weekly net orders with an absorption pace that was approaching seasonally normalized levels. Moving into April, consumers grew increasingly apprehensive about the economy and rising geopolitical tensions, driving consumer confidence to a 13-year low. As a result, the housing market cooled. In response, we proactively adjusted base pricing in our underperforming communities to remain aligned with local market dynamics, including rising resale inventory and softening home prices in some markets. Despite these actions, demand weakened.

KB Home (KBH) Q2 2025 Earnings Call Transcript

Soft consumer confidence and geopolitical unease triggered housing slowdown #RE

[thetranscript]

Three weeks into March, we had achieved solid weekly net orders with an absorption pace that was approaching seasonally normalized levels. Moving into April, consumers grew increasingly apprehensive about the economy and rising geopolitical tensions, driving consumer confidence to a 13-year low. As a result, the housing market cooled. In response, we proactively adjusted base pricing in our underperforming communities to remain aligned with local market dynamics, including rising resale inventory and softening home prices in some markets. Despite these actions, demand weakened.

KB Home (KBH) Q2 2025 Earnings Call Transcript

[thetranscript]

“I think it is likely that the impact of tariffs on inflation may take longer, be more delayed, and have a smaller effect than initially expected, especially because many firms frontloaded their stocks of inventories,” Bowman said. “As we think about the path forward, it is time to consider adjusting the policy rate.”

Fed Governor Bowman favors July interest rate cut if inflation stays low

Tariff-driven inflation may be muted and delayed #Macro

[thetranscript]

Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market. In the meantime, I will continue to carefully monitor economic conditions as the Administration's policies, the economy, and financial markets continue to evolve.

Speech by Vice Chair for Supervision Bowman on monetary policy and banking

Cut in July? #Macro

[thetranscript]

the data the last few months has been showing that trend inflation is looking pretty good, even on a 12 month basis. So I’ve labeled these good news rate cuts, when if inflation comes down to target, we can actually bring rates down. I’ve been saying this since about November of 23. So I think we’re in that position that we could do this and as early as July.

CNBC Transcript: CNBC Exclusive: Federal Reserve Governor Christopher Waller Speaks with CNBC’s Steve Liesman on “Squawk Box” Today

Inflation is easing and rate cuts could begin as early as July #Macro

[thetranscript]

So let's go back to the CapEx numbers. So the top 4 U.S. hyperscalers have grown, they're spending at a 46% CAGR over this period. But if you zoom out and you bring it -- and you look at total data center CapEx, you see it's growing even faster at a 51% CAGR. And that's because historically, the rest of the data center CapEx was coming from Tier 2 cloud providers and on-prem data center applications. But more recently, we're seeing these emerging hyperscalers contribute at an increasingly significant rate. So if you fast forward to 2028, analysts are forecasting data center CapEx exceeding $1 trillion. And who knows? Today, they're saying $1 trillion, but it could be more. So where is the lion's share of that spending going to be in that time frame? Clearly, these 4 hyperscalers are not slowing down anytime soon

Aiera | Events | Marvell Technology Inc Investor Day

Data center CapEx is accelerating, driven by both top hyperscalers and emerging players #Tech

[thetranscript]

the market is going to be scarce on infrastructure, and it's going to be constrained on 3 big things. The market is constrained on power. It's constrained on GPU and compute and it's constrained on network. And it's actually going to be hungry for trusted systems, right? And so when you think about those 4 pieces, you're going to build data centers where there's availability of power and it's going to be global because of sovereign requirements. You're going to need to have them in addition to there being availability of power everywhere -- one of the cardinal sins in this era is idle time of a GPU.

Cisco Systems, Inc. (CSCO) Presents at Cisco Innovation Tech Talk Transcript

AI infrastructure is hitting bottlenecks in GPU, power & networking #Tech